PENNY-WISE
Volume I, No, 3 December 1, 1967
With this third issue of PENNY-WISE, the Editors are happy to announce a big
innovation for its members - a Coin Clinic - something which is brand new for a
correspondence club in numismatics! You will find the details in this Bulletin.
A Certificate of Membership is now in the process of being printed, and will be
sent out shortly.
Work on a pocket piece is progressing favorably, and you will receive word of
this as soon as it becomes available.
The Club is growing rapidly, and many fine new members have been added to our
rolls. We welcome all the newcomers and invite them to participate actively in the
various functions of our organization.
The Editors have received many fine comments on the first and second issues of
PENNY-WISE, and we are deeply grateful to all those who have written. Your praise
has been most generous. We hope that you enjoy the third issue even more.
Don't forget to attend the Annual Meeting! Happy Holidays !
Herbert A. Silberman
Warren A. Lapp, M.D.
William J. Parks
EDITORS
ANNOUNCEMENT
By this time, all of you should have received the announcement of our FIRST
ANNUAL MEETING, which was sent out by the Secretary, Bob Parson.
The meeting will be held on Thursday evening, December 28, 1967, at 7 P.M.
The meeting will take place in Room 551 of the Hilton Hotel, Sixth Avenue and 53rd
Street, New York City.
The meeting is for members only, and wives are not invited. Food and drinks
will be available and each member will pay his own tab. There will be a brief business
session, and efforts are being made to secure an outstanding speaker for the program.
Members are invited to bring any coins with them which they might want to trade or
sell. Any members wishing to display their collections or unusual varieties are wel-
come to do so.
Why not drop Herb a note and let him know that you are coming ? Bring your
family to Fun City for the holidays and attend EACC's first meeting. It will be an event
to remember! See you there, y'all hear?
28
THE STOKY BEHIND THE LIBERTY CAP
The Liberty Cap, depicted as the headdress of Liberty on the 1794 and 1795 large
cents and some of the 1793 and 1796 varieties, as well as on other types of coinage, was
chosen by our early coin makers to represent "Freedom" symbolically.
The peaked or conical cap, which was called pileus in Latin, can be traced back
to the ancient Phrygians, a rural people of Asia Minor whom the Greeks called freemen
and whose country flourished between 1500 and 331 B.C. Originally, the cap, made of
cloth or felt and closely fitting the head, had no particular significance except that it
served as a protection against the extreme cold. Occasionally the cap carried a narrow
brim to shield one's eyes from the glaring sun.
Later, in Rome, during the celebration of the Saturnalia which was an annual
religious festival starting on December 17 and lasting seven days , one of the rituals
observed was to shave the head of any slave who had obtained his freedom and to place
on his head an undyed pileus. Thus, in time, the Phrygian cap became a s5nmbol of
liberty.
After the assassination of Julius Caesar on March 15, 44 B.C. , the Roman con-
spirators carried a Phrygian cap on a pole or spear through the streets of Rome as a
warning to future leaders. Upon orders of Brutus and Cassius at the time, coins were
struck showing a Phrygian cap between two daggers.
In 161 A.D. , during the reign of Verus, the Phrygian cap was again used on a
number of Roman coins to celebrate the victorious entrance of the Roman forces into
Armenia.
The Phrygian or liberty cap was adopted by the Dutch during their more than
forty-years war which culminated in the overthrow of the Spanish yoke (1576-1648).
On June 20, 1792, Louis XVI of France was compelled by a furious mob to take
off his roj^al crown and replace it with the red cap of the revolutionists, thereby in-
dicating his agreement with the popular aspirations of the revolutionary patriots.
In Aubust, 1792, the Phrygian cap was officially adopted as the badge of a French
patriot, and it was finally accepted as a symbol of Liberty during the first French
Republic.
Because the cap was depicted on the large cents and because it was closely
associated with the French Revolution, there are many who believe that the dies for
these coins were prepared by Jean Pierre Droz, a Parisian engraver of Swiss descent.
The close association of the cap with the French Revolution also accounts for these large
cents often being called "French heads".
Mexico used the Phrygian cap on its gold coinage from 1823 to 1870 and on nearly
all its coins minted between 1905 and 1935.
The last time the Liberty Cap symbol was used on an U. S. coin was a pattern
three cent piece in 1850.
29
THE MEMBERS SPEAK FOR THEMSELVES
"I was rather startled when I read in PENNY-WISE that 13 ireiribers of the EAC
Club admitted to not owning a copy of PENNY WHIMSY. The lack of adequate reference
material seems to be a common failing among many coin collectors. As for me, before
I ever acquired a large cent in the Sheldon series, I bought a copy of PENNY WHIMSY,
read it through several times, and then conferred with the largest, most informed
large cent collector in the area. Would these same 13 people buy a share of stock if
they did not have any idea of what they were buying ?
This brings me to another problem which all of us face, but about which we only
speculate - the problem of grading! Most of the collectors with whom I have had con-
tact do not use the B & D system of grading because this miethod considers the changes
caused only by wear and gives no consideration to differences derived from other causes.
I have read, with great interest, Mr. Boring's article in the last issue of
PENNY-WISE. While there is nothing with which one can disagree, Mr. Boring has not
touched on certain aspects regarding surface and color, e.g. the composition of the
planchets, the effects of such variations, off center strikes, uneven pressures, and
varying conditions of the dies .
Paul Revere pointed out, many times, the problems encountered in rolling copper
and the differences in the type of copper obtained from England as com.pared with that
obtained from Syrna, or Turkey, or Sweden. There were no standards in that day, and
the impurities In the copper varied considerably. Such variations produced differences
in color and pitting which were totally unrelated to wear or handling.
The variations in the thickness of different planchets created problems in the
strikes, and when a planchet was thicker on one edge than the other, all sorts of things
happened. I have one such coin which appears as if one edge might have been shaved
off, Likewise, as the dies wore, other variations were produced.
Perhaps each variety, or groups from similar dies, should be graded separately.
Maybe this is far fetched, but when one studies the economics of this particular era
and tries to make comparisons with later periods after some degree of standards had
been imposed, one gets such thoughts, particularly when one cherishes the few relics
left over from an era that is gone forever. "
- Burton E. Ebert
EAC #72
"I have just finished reading Volumje i. Issue No. 2, of PENNY-WISE. I am sure
that, in the years to come, PENNY-WISE will become a collector's item in itself, and
a very valuable reference to students of early American coppers. "
- Walter Jackowski
EAC #21
(The Editors have received many generous and laudatory comments about PENNY-WISE,
but this was the nicest of them all. Thanks very much, Walt. We hope your prediction
comes true ! )
30
3j«3t: + *******+:***5|c
The questionnaire enclosed with the first issue of PENNY-WISE invites topics
for consideration. I feel that Guestions 12 and 13 of the questionnaire itself comprise
an excellent topic for consideration. That is, shall the EAC Club limit its attention to
large cents, or shall it also include matters related to other series?
I feel that the very name chosen for the Club, Early American Coppers, of itself
requires a broader interest than in large cents only. I say this even as a large cent
collector myself .
For, within the area of early American coppers, one can surely not overlook the
colonial coppers. One need not be a specialist in colonials to appreciate the influence
they had on the form or design of the nation's later coinage. I should feel that no large
cent collector would have a sense of complete satisfaction with his holdings if they
failed to include at least one of these precursors.
Similarly, the large cent collector would surely want to be able to display at least
one of the sister-pieces - the half cents. Were there but no other reason, the existence
of these "junior” versions of the same designs is a mjatter of integral interest.
Then, because the issue of any coinage series is related to the nation's economy
and politics, one must certainly include in his cabinet of large cents some representa-
tion of the Hard Times Tokens of the 1830's and 1840's.
These arguments have been written fromi the viewpoint of the large cent collector
(or, at least, of one such), but similar arguments apply equally as well to the
specialist in colonials, half cents, or tokens. In short, they are all interrelated, and
each series has a bearing on the development of the others.
My vote, then, is obvious. Early American Coppers Club should concern itself
with matters relating to any copper coinage or pseudo -coinage (so long as the series
had acceptance as legal tender in America ) up to the end of the large cent and half cent
series - that is, to, but not later than, 1857. By extension, this could include Canadian
tokens of the pre -Confederation era, but would exclude Canadian decimal coinage.
- Charles E. Funk, Jr.
EAC #59
Commenting on PW, I question the wisdom of the article on cleaning cents. You
start page 14 with "Large cents should never be cleaned. " Then you tell how to.
Furthermore, I am completely against your point that only VF or better coins should
be cleaned. These are the coins that can be damaged the most by improper cleaning.
The coins in Good or less are the ones tliat I might consider cleaning. A low grade
coin that looks terrible - well, you have little to lose if you do hurt it, not so with a
nice one. The novice should apply any cleaning process first to coins from his pocket
change and see how the results look. I have several cleaning methods which I use that
sound so bad the collector would definitely be afraid to use them. I use these on coins
that have everything to gain, nothing to lose. Occasionally I lose, but more often I
31
gain. And I do not try to improve coins that already are reasonably presentable.
The primary rule in coin cleaning is: WHEN IN DOUBT, DON' T ! If you consider
cleaning a coin today but don't, you can still clean it a year later. But if you do
clean it today and hurt it, you will have a problem trying to "unclean" it forever.
Most cleaning processes give the coin an unnatural look, and it is sometimes impos-
sible to eliminate this. I have bought cleaned coins which toned back to natural in a few
months or years, others that never did. I have used CARE, but this is more a "de-
greaser" than a cleaner. It does not disturb the color of a coin, but merely removes
the surface dirt and not too much of that.
As to reference books, I have a rather large collection. Specialists on 1794
large cents might enjoy James Macallister's article in the COIN COLLECTOR'S
JOURNAL for May, 1934. I have only three issues of CCJ and would like to get certain
others. Edgar H. Adams was doing a series on early U.3. gold coins with plates at
that time , and I am most eager to get his writings . If any EAC members have copies
of Adam's work on gold coins up to the design change in 1808, I would appreciate any
information.
This leads into another point. Our club is retaining the EAC initials. Technically,
we should be EACC which would eliminate any confusion with Sheldon's early work on
large cents. Although the members voted to include other coinages, namely colonials
and half cents, I believe that we should limit ourselves only to large cents. The world
of Sheldon cents is quite a large field to attempt to cover thoroughly, as is that of the
Newcomb cents. I believe that the two combined are definitely enough for EAC to cover.
I am particularly opposed to including colonials. This is at least as large an area as
Sheldon or Newcomb cents, perhaps both. And most colonials collectors specialize in
only a portion of the entire colonial field, so any particular colonials item would not
appeal to all the enthusiasts. I would enjoy correspondence with other half cent
collectors or half dollar (Heraldic Eagle type only) collectors, but feel that this is going
out of EAC's realm.
Rambling on about other items from PW, I echo the one memjber's sentiments that
a grading system be developed which would be understood by everyone, but unfortunately
early cents are not that "cut and dried". There are hundreds of variations: wear, color,
texture of planchet, pitting, scratches, nicks, countermarks, etc. The numerous com-
binations of these variables make grading by simple one -or-two -word descriptions
impossible. I write up my inventory using my own coded descriptions, but even these
do not begin to describe each coin fully. 1 do agree that there is room, for improvement
in grading and standardization. For my own use only, I have different meanings
attached to "pits", "pitting", and "pitted". These are for my own use only, in order for
me to better understand the precise surface of my coins.
Future article for PW should by all means include full information on not-in-
Sheldon and not- in-Newcomb varieties. Correction to rarity ratings and to condition
census should be made. And perhaps Newcomb cents could be estimated as to
condition census and rarity ratings on the Sheldon scale.
- Paul Munson
EAC #83
32
PENNY JOTTINGS
Several members asked if they might obtain copies of Warren L. Olson's "A Key
to Identification of U. S. Copper Coin Varieties" which appeared in the June, July, and
August, 1967 issues of The NUMISMATIC SCRAPBOOK Magazine. Lee F. Hewitt has
advised the editors that the type forrrs for this series have already been destroyed,
but he suggested that members miay obtain Xerox copies of the article from University
Library Service, 300 North Leeb Road, Ann Arbor, iVIichigan. However, a letter to
this firm requesting prices for such copies, mailed out on October 29 with a stamped,
self-addressed envelope, was still unanswered as of Novemxber 17.
Members of the EAC Club will undoubtedly receive, from time to time, lists of
coin sales issued by various large cent dealers. Any transactions which take place
between such dealers and EAC members are strictly on a personal basis, of course,
and the EAC will assume no responsibility regarding any possible disputes arising be-
tween the buyer or sellor.
J. M. Cooper, EAC #46, is the first member to enroll his son in the EAC Club.
J. M. , Jr. is 19 years of age and also an avid large cent collector. Welcome aboard,
J. M. , Jr. !
A member has suggested that if any EAC miemiber purchased either of the 1804
large cents cited below, such member should have his coin checked for authenticity
by a qualified expert on large cents. The first coin was Lot No. 218 on a fixed price
list with plates, as issued early in 1966 by a midwestern coin dealer, for which the
asking price was $500. The second coin was Lot No. 567 sold for $355. at an auction
sale on March 11, 1967.
The member calling this to PW's attention said: "If the plates are correct, these
two coins are altered dates, probably done in the 1850's when much of this type of work
was done. By now, these coins have toned down and can be passed as genuine. I am
not questioning the honesty of these two dealers. I personally think it was just careless-
ness on their part in cataloguing the sales. "
The member suggests that all fellow members should read Sheldon's last para-
graph following the 1799 varieties, in PENNY WHIMSY, page 247.
A number of members have requested an article on the best way to photograph
large cents without resorting to special or expensive equipment. A few members listed
"photography" as one of their hobbies, ivlaybe one of these could oblige the Editors
with a brief article on the subject. Any takers ?
33
94.
95.
96.
97.
98.
99.
100 .
101 .
102 .
103.
104-
105.
106.
107,
108.
109.
110 .
111 .
112 .
113.
114.
115.
116.
117.
118.
119.
120 .
121 .
122 .
123.
124.
125.
126.
J. W. Phillips, of 718 McCulloch Road, Point Pleasant, West Virginia 25550
manufactures special rubber stamps for marking coin envelopes with the year, grade,
and denomination. He will consider developing special stamps for marking Sheldon
and Newcomb numbers if the members are interested. If you could find any use for
such a stamp, please contact the Editors.
O. M. Sanders, EAC #86, P. O. Box K, Albany, Georgia 31702, is seeking
some information. He writes: "I have heard rumors all my life about iViasonic and
Catholic dollars and have acquired one of each, but I can't find the real or true story
about them. " Can anyone help?
John M. Ward, Jr., EAC #74, P. O. Box 14296, Houston, Texas 77021, is in-
terested in the 1804 re-strike miade by Mint employees. He can find no information on
its weight, size, etc. Maybe some one can volunteer this information. We'd be
interested too.
ROLL OF NEW MEMBERS
R. C. Waterman
Maurice M. Gould
Douglas Weaver
Richard Reinhart
Lawrence A. Wilson
Charles S. Haas
Capt. Charles E. Stillwell
Jules Reiver
Capt. Gordon Harnack
William H. Smith
Stanley R. Trychel
Capt. John D. Wright
Brian Altman
Ralph L. Crutchfield
John E. Borhek
Rod Burress
W. E. Johnson
Del Bland
(J. A, Feather) CHART COINS
J. M. Cooper, Jr.
Mrs. Florence Marmor
Jack Collins
George K. Pretsch
Adam Butcher
Albert G. Goble
Anthony J. Modarelli
Jay Goodfellow
George L. Van Do re n
Barton Dickler
H. Wieland
Allan E. Scheonberger
H, J. Stein, M.D.
John A. Burbank
Gulf Road, R.D. #1, Northfield, Massachusetts 01360
P. O. Box 2407, San Fernando, California 91343
1105 E. Walnut Street, Nappanee, Indiana 46550
339-B West Jefferson Street, Media, Pa. 19063
P. O. Box 205, Yorktown Heights, New York 10598
215 Liston Avenue , Wilmington, Delaware 19804
Box 3323, Grand Forks AFB, North Dakota 58201
1802 Forrest Road, Wilmington, Delaware
Darnall Army Hospital, Fort Hood, Texas 76544
1619 Section Road, Cincinnati, Ohio 45237
515 East Weber Street, Toledo, Ohio 43608
6020B Maine Road, Plattsburgh AFB, New York 12903
1 South Street, New Haven, Connecticut 06519
P. O. Box 2487, Spartansburg, South Carolina 29302
130 King Philip Street, South Weymouth, Mass. 02190
455 Natalen Ave. , Apt. 3, San Antonio, Texas 78209
515 Carriage Hill Court, Santa Barbara, California 93105
953 Helen Avenue, Apt. #15, Sunnyvale, California 94086
P. O. Box 168, Hobart, Indiana 46362
1110 Oklahoma Street, Kannapolis, North Carolina 28081
25 Boerum Street, Brooklyn, New York 11206
2840 Indiana Avenue, South Gate, California
27 Beechwood Place, Massapequa Park, New York 11762
21 Beechwood Place, Massapequa, New York 11762
Michigan Center, Michigan 49254
1473 Cloverfield Drive, Akron, Ohio 44321
Box 3111, stations, Nashville, Tennessee
1934 East Avalon Drive, Phoenix, Arizona 85016
1569 Ocean Avenue, Brooklyn, New York 11230
2711 Mt. View Avenue, San Barnardino, Calif. 92405
5808 Bernard Place, Edina, Minnesota 55436
6817 West Florisant Avenue, St. Louis, Missouri 63136
2529 Dexter Street, Denver, Colorado 80207
34
THE 1803 NC-1
AN AUTOBIOGRAPHY
by Denis Loring
Greetings, cent lovers! Allow me to introduce myself. My name is 1803 NC-1.
Unfortunately, not many of you will have the opportunity of knowing me personally, so
I thought that the least I could do would be to tell you my story.
Although I was born way back in 1803, I lived in comfortable anonymity until 1925.
In that year, Howard Newcomb published his magnificent work on "The Cents of 1801-2-
3", in which he described and pictured all of my relatives. But not a single word about
me! To be perfectly frank, I was jealous, and decided then and there to take my right-
ful place among my family. So I took my finest example, an AU50, and got myself
"discovered" by Elmer Sears. Sears sold me to Henry Hines, who identified and
described me. Needless to say, I was very gratified when Newcomb issued a supple-
ment to his book in 1928, in which he did me full justice. Hines sold me to George
Clapp, and from him I went to miy permanent home, the ANS Collection.
In 1949 Dr. William H. Sheldon published his book EARLY AMERICAN CENTS,
in which he first called me by the name by which I am now universally known. The
good doctor knew of only three examples of me: my discovery piece, a 15-coin from
the Hines collection, and a 5-coin fromi the Newcomb sale, which brought $21. then.
I was therefore designated a "non-collectible" variety. An unhappy state of affairs !
I certainly did not want to be such an outcast. Fortunately, the publication of EAC
started many new people collecting large cents by variety; and, if your eyes are open,
it's just plain impossible to see me and to not recognize me - my reverse is just a
mass of diagnostics.
So, as you might guess, I became "collectible" pretty quickly. In 1958, Sheldon
came out with a revision of EAC entitled PENNY WHIMSY. Since eleven of me were
known by then, my rarity was lowered to R7, and I officially becamm collectible. At
last! Since PW appeared, several more of me have turned up, and I a.m now R6. But
I'm not really unhappy with the change: I get to mieet many more interesting people this
way. My Condition Census now reads 50-20-20-15-15-10. In PW the census is given
as 50-25-20-15-10-8. The 25 is a misprint for 20, and the 8 has been replaced by a
15-coin, discovered in 1966 by one of your members. Incidentally, the 10-coin sold
for $180. in Lester Merkin's auction sale of October 19, 1966.
Well, that's my story, and I'm really proud to have it published in your wonderful
magazine. I think that Herb Silberman, Doc Lapp, and Bill Parks deserve not only
tremendous commendation, but, maybe even more important, all the support that you
can give them. As for me - I'm a tough one to find, but I think I'm well worth the
effort. I really hope I'll get to know more of you in the near future. Good hunting!
35
GLOSSARY OF LARGE CENT TERMS
The following are a variety of numismatic terms frequently used in describing
or speaking about large cents. Since the terms oftentimes are peculiar only to
numismatics, the collector would do well to study the list and to familiarize himself
with the various meanings.
Apple Cheek variety - 3-24 of the 1794 series of large cents. The face has
exceptionally rounded, full cheeks, a characteristic by which the variety
is easily identified.
Attributing - the process of classifying a coin as to variety or sub-variety, using
for a guide one of the standard texts, viz. Sheldon or Newcomb, which
accurately describes each type as to important differences in design, die
breaks, and unusual details perculiar only to that variety.
Beaded Hair Cord - the hair band is noded, suggesting a string of beads holding back
the hair. First seen on the 1837 design. As differentiated from the Plain flair
Cord.
Blunt 1 - the 1 in the date is squared at the top, with no peak projecting.
Booby Head - refers to N-5, 6, 7, 10, 11, 12, 13, and 14 of the 1839 cents.
Derivation of the name is unknown, but presumably refers to Miss Liberty
having a stupid look on her face .
Braided Hair type - the 1840-1857 series, in which the hair of Miss Liberty is
banded by several beaded hair cords to form a large knot in the back.
Brockage - an imperfectly struck coin, usually showing the same design on either
side, one concave and the other convex, caused by a previously stamped coin
adhering to one of the dies.
Burnished - polished by friction, producing a smooth, bright, highly lustered
surface.
Chain AMERI - a variety of 1793 Chain cent, in which the engraver left
insufficient room to spell out AMERICA and abbreviated it instead as
AMERI.
Chain Cent - first of the 1793 designs, having a chain link on the reverse en-
circling the letters ONE CENT and the fraction.
Clipped planchet - the edge of the planchet having been trimmed off in one part,
thus flattening the usual circular outline of the planchet in this area.
Close Date - refers to the numerals in the date being bunched closely together.
36
Color - the tinting of the coin surface, as seen in natural light. The color, which
may be black, brown, red, blue, green, or a combination of such colors, is
dependent upon surface impurities constantly collecting on the coin in its
normal environment and their chemical reaction with atmospheric conditions.
Comet cent - a variety of 1807, the 3-271, in which linear flaws in the die produced
raised markings on the obverse. These stream out from behind the hair of Miss
Liberty to the rim, like the tail of a comet.
Condition Census - a mnemonic listing of the six highest-graded examples of a
variety which are known, starting with the finest and followed in order by a
listing of the average condition of the next five finest coins of that variety.
The listing is subject to change as new and finer examples appear. The
Condition Census is useful to the collector in comparing his own coin with the
known top level coins of the variety.
Coronet type - large cents of the 1816-1839 series, on which Miss Liberty, facing
left, is wearing an insignia, starting at the forehead and crossing the hair.
LIBERTY is inscribed on this insignia. There are no draperies. There are
13 stars around the border.
Corrosion - fraudulent issues of rare coins made to deceive collectors, as well as
debased current coins struck to deceive the general public.
Countermark - a device or inscription punched on and over the original design of a
coin by one of its owners, thereby decreasing its value as a collectible coin.
Counterstamp - same as countermark.
Crack - same as die break.
Crosslet 4 - a 4 with a vertical line at the open end of the crosspiece.
Crumbling - the result of wearing down of the working dies, causing the designs to
be less well-defined and resulting in confluence of somie of the letters , leaves ,
numbers, etc.
Denticle - one of a series of small, elevated notches at the border, each separated
by a distinct space, forming a part of the rim on both the obverse and reverse
sides.
Die - the stamp used to strike the design on a coin.
Die break - since the surface features of a die are incused, i.e. the design is
sunken, any chip or break occurring in the die's surface will produce a raised
portion on the coin's surface when the design is stamped. Thus, die breaks
may take the form of raised lines, bumps on the surface of the coin, or joined
letters and numerals.
Dot on reverse - an elevated or raised point, like a period, seen on the reverse of
of some coins, signifying the change of a die.
37
Double fractioQ bar - separation of the numerator from the denominator m the
fraction by a well-defined bar, with a less well-defined bar directly beneath
it.
Double profile - when a master die is punched onto a new working die, the impres-
sion may become slightly shifted or doubled due to improper annealing of the
die or to the so-called "bounce" when the die is punched. Triple images are
also known.
Double strike - two different strikes by the same die against a single planchet,
producing a reduplication of the impression in widely separated areas. This
is usually due to failure of the planchet to be ejected completely, after its
initial strike.
Diraped Bust type - the series from 1796-1807, in which a well-defined drapery
covers the bust at its lowermost portions. Same as the Fillet Head.
Edge - the rimi or thickness of the coin between the obverse and reverse surfaces.
Electrotype - an exact facsimile of a coin, produced by an electrolytic plating
method. Wax molds of the obverse and reverse surfaces are plated electro-
lytically with the same metal as the original coin. A base filler, usually lead,
is inserted between, and the two pieces are joined to form a perfect replica.
This method is used by some counterfeiters.
Face - the obverse surface of a coin.
Field - the blank space on a coin not occupied by the design.
Filled die - when the incused parts of a die fill with foreign material or scrap metal,
the die produces a blank imipression when stamped on a coin. This accounts for
letters or numerals being filled in.
Fillet Head - a design begun in 1796, in which the hair of Miss Liberty is fastened
with a narrow band, ending behind the head in a ribbon knot, the rest of the
hair flowing downward over the shoulder and terminating in small, well-defined
ringlets. The bust is draped. The Liberty Cap has been omitted.
Flan - synonymous with planchet.
Flowing hair - denotes the hair arranged loosely.
Grade - a rating of a coin, based on use, amount of wear , color, corrosion, inten-
sity of impression, etc. All are considered and weighed accordingly.
Gripped Edge - heavy markings as seen on the 1797 2 -A usually, 3-A always, re-
sembling "gear-tooth bites", as if the coin had been gripped in some sort of
collar with teeth in it.
Hoard - An inordinate number of a particular variety or year accumulated by a
single individual and preserved for future use.
38
Holed - any coin which has been mutilated by a hole drilled through it, as for purposes
of suspending it on a chain or bracelet.
Incused - a sunken design.
Inscription - the words or legend written across the field of a coin.
Italic 5's - also called "slanting 5's". 3een on the 1855 and 1856 large cents. As-
cribed to the engraver apprenticed to Chief Engraver Longacre.
Lamination - when blank planchets are improperly alloyed or annealed, the surface
sometimes flakes off or peels.
Legend - the inscription just inside the border or rim of the coin.
Lettered Edge - an imprint on the edge of the earlier date large cents, the coins being
stamped on thick planchets. Some bear an inscription of a slender vine and leaves
alternating with sections of bars. The Chain cent has a continuous circle of small
pellets or beads. Many of the later varieties have the inscription ONE HUNDRED
FOR A DOLLAR followed by one or two leaves.
Liberty Cap - a headdress supported on a pole. Appears on the earlier large cents
in close association with the bust of Miss Liberty. Hence, the coins are so named.
Milled edge - having a thick, raised edge produced by a milling machine, the edge be-
ing marked or "malied' with faint diagonal lines in patches, never evenly and
never entirely around the edge.
Mule - a coin stamped fronri the obverse and reverse dies previously used for two
different coins, usually done capriciously, occasionally by error.
Mutilation - defects on a coin's surface, such as bad cuts, gouges, holes, dents,
scratches, countermarks, etc. May have been done maliciously, may be part
of ordinary wear. In either case, the numismatic value of the coin is reduced
accordingly.
Non-Collectible - any variety so rare as to be non -obtainable by the usual collector.
Generally refers to an unique variety, i.e. only 3 such coins, or less, are
known to exist. Ofter listed as NC. When the NC is italicized, this signifies
that the coin is NOW COLLECTIBLE, sufficient numbers since having been
found to make the coin available to the average collector.
Numismatics - the science which treats of coins, their origin, technique, history,
mythology, and art. The term, is now extended, by wide acceptance, to also
include medals, tokens, and paper mioney.
Obverse - the face of a coin; usually the portrait or dated side of the coin.
Off-Center - failure of the die to be exactly and properly centered on the planchet,
causing the design to be directed closer to the edge on one side of the coin.
Overdate - when a new die was not readily available, the Mint often engraved the new
date over the old, or stamped a new figure over the old one, e.g. 1807/6.
39
Patina - a film or incrustation acquired by copper or copper alloy, which is caused
by oxidation and which may vary in color from black, brown, red, blue, green
or a combination of such colors . The color is determined by the chemical
nature of the air, soil, or moisture with which the coin came into contact.
Plain edge - no lettering or design on the rim.
Plain Hair Cord - a straight line band holding the hair, as differentiated from the
Beaded Hair Cord.
Planchet - the metal disc on which the die of the coin is stamped.
Plugged - any coin that has been holed and then repaired.
Rarity - the scarcity or frequency of a particular year or variety, based on the
number minted and those still known to be in existence.
Recut - an engraver's correction of numerals or letters in the legend. Such a process
usually left behind faint shadows or lines indicating that recutting had been done.
Reeded edge - a coin having serrations running across the thickness of its edge, from
obverse to reverse.
Restrike - a coin stamped from the original dies but many years after the original.
Retooling - mechanical obliteration of a design, taking the planchet down to a smooth
surface, then engraving a new design on that surface.
Reverse - the tail of the coin; opposite of obverse.
Rotated die - the reverse design is turned, in varying degrees, from the true
perpendicular of the obverse.
Rust pits - corrosion of the working die, resulting in a pitted surface when the coin
is stamped.
Serif - a smaller line used to finish off the main stroke of a letter, as at the top and
bottom of I.
Serrated edge - a coin with a notched or tooth-like edge.
Silly Head - the N-4 and N-9 varieties of the 1839 large cent, supposedly so-called
because of an idiotic look on Miss Liberty’s face. The exact origin of the term^
is unknown.
Strawberry Leaf variety - refers to the 1793 NC-2 and NC-3, in which a spray of
leaves resembling strawberry or clover leaves, and a blossom, appear on the
obverse surface between the bust and date.
Suction marks - incused outlines occasionally seen on the surface of large cents,
resulting from die injuries incurred when the obverse and reverse dies came
together with no planchet between. This accident occurred fairly frequently
on the earlier mintage dates.
40
Toning - the coloring changes which occur on a coin's surface as a result of
oxidation.
Tooling - an engraving process to bring out in high relief the design or lettering.
Worn dies were often re-tooled.
Turban Head - refers to the 1808-1814 series, although a misnomer. A plain band
inscribed LIBERTY confines the hair of Miss Liberty, with the hair being so
arranged as to give a superficial appearance of Miss Liberty wearing a turban.
Unfinished hair - absence of engraved hair lines, so that the hair outline is present
but the hair is left unfinished.
Unique - extremely rare or unusual. The term is generally used to indicate that
only 1 to 3 such coins of that variety are known to exist.
Upright 5's - normally cut, erect 5's on the 1855 and 1856 large cents. The design
is ascribed to Chief Engraver Longacre.
Wide Date - numerals in the date are widely separated from each other.
Wire Edge - having a sharp rim around the perimieter, usually caused by excessive
pressure on striking.
* PROFILE *
Eugene Exman, whose "Reminiscences" appears elsewhere in this issue, is the
author of a recent book THE HOUSE OF HARPER, in which he relates the 150-year-
historyofthe Harper Bros. Publishing Firm. Previously, Mr. Ex man had written
and published THE BROTHERS HARPER, a detailed account of the publishers*
beginning years i and he also wrote the text and captions for a picture book THE WORLD
OF ALBERT SCHWEITZER.
Mr. Exman was associated with Harper Bros, for thirty-seven years, first as
the manager of their religious book department, then in 1944 as a Director of the
firm, and in 1955 as a Vice-President.
Mr. Exman's interest in early Am;erican cents stems from his friendship for more
than thirty years with Dr. William H. Sheldon, having been the publisher of Dr.
Sheldon's first book PSYCHOLOGY AND THE PROMETHEAN WILL. He also edited
EARLY AMERICAN CENTS and PENNY WHIlVISY for Dr. Sheldon at the time of their
publication.
Mr. Exman is listed in WHO'S WHO.
Since his semi-retirement in 1965, Mr. Exman spends his time in writing,
gardening, painting, reading, and fishing. In addition to his collection of large cents
in the Sheldon series, he also collects rare books and literary autographs.
41
HOW TO USE "PENNY WHIMSY" AND NEWCOMB'S "UNITED STATES
COPPER CENTS 1816-1857", AND OTHER HELPFUL HINTS.
PENNY WHIMSY by Dr. William H. Sheldon and UNITED STATES COPPER
CENTS 1816-1857 by Howard L. Newcomb are two books which every collector of
large cents should have in his library. If he doesn't possess themj and refer to them
regularly, the collector of large cents is missing much of the enjoyment and fascination
that his collection offers.
Both books furnish detailed descriptions of each variety of large cents in the series
reviewed, Sheldon's book covering the 1793-1814 series and Newcomb's book the later
dates. Each author has made a comprehensive study of the coins in his series, and has
prepared a thorough dissertation of each coin variety, listing identifying features, noting
various combinations of die breaks, and specifically defining each coin so that the
collector can compare his own and classify it accordingly. At the back of each book
are plates showing the various varieties of coins, and these pictures are helpful in clear-
ing up any questionable points of identification on which the text may possibly be de-
ficient. In addition, comparative rarity values are given. PENNY WHIMSY also
includes an extensive history of the large cent, stories about its mintage, the problemiS
which the Mint faced in stamping coins, some pointers on the preservation of coins, and
information on grading coins and assessing their true values.
The more advanced collector should supplement his study of the 1816-1857 series
by referring regularly to the revision tables offered by W. £. Johnson. Johnson, aided
by collectors throughout the nation who reported their attributed collections to him, has
compiled a more up-to-date listing of the varieties and sub-varieties covered by
Newcomb; and he has provided a more accurate rating of each variety's rarity. If you
are not now acquainted with Johnson's work, write him and request his listing LC167B
which has just been released. W. E. Johnson can be reached at 515 Carriage Hill
Court, Santa Barbara, California, 93105. Although the listing is free, postage should
be forwarded.
There are several hints which the author has found to be useful when attributing
coins; for one thing, type up the Quantitative Scale supplied by Sheldon on pages 41,
42 of PENNY WHIMSY. If you will refer to this fromi time to time, it will help you in
grading your coins, and the scale explicitly defines the difference between the various
grades. I also keep a more concise grading scale in front of vcse at ail times
one proposed by W. E. Johnson and patterned after Sheldon. This scale is as follows:
G2 - Fair, identifiable
F12 -
Fine
AU50 -
About unc .
G3 - Almost good
F15 -
Fine plus
AU55 -
AU plus
G4 - Good
F18 -
Almost very fine
G5 - Good plus
MS60 -
Unc. - Mint State
G6 - Almost very good
VF20
- Very fine
MS65 -
Unc. Select
VF25
- Very fine plus
MS70 -
Unc. Gem
VG7 - Very good
VF30
- Very fine /Extra fine
VG8 - Very good plus
VF35
- Almost extra fine
VGIO - Almost fine
EF40
- Extra fine
EF45
- Extra fine plus
42
Next, have Page 7 of Newcomb's text eitner photocopied or Xeroxed, so that you
can keep the sheet in front of you and refer to it easily whenever attributing coins in
the 1816-1857 series. Also, this writer has found the Parks' Attributor as devised by
Bill Parks of Orlando, Florida, a Co-Editor, to be helpful in more accurately deter-
mining positive locations especially on hard-to-attribute varieties such as the 1840.
A few other helps are these: Parks has transferred into his own copy of Newcomb,
page by page, all the listings and rarities given by Johnson in his LC167B revision.
And Johnson, in his copy of Newcomb, has found it helpful in some cases to draw in the
reverses of particular coins , numbering the leaves or berries , so as to make his
attributing less tedious and time-consuming.
If you are just learning to attribute, then start with those years which have the
least varieties. Once you catch on to the technique, then you can advance to the more
difficult years. Attributing is actually a process of elimination. Line up one of the
identifying landmarks as listed by Newcomb in his table at the start of each year, or
by Sheldon at the end of each year, and determine its position on your coin. Then, from
the table given by Newcomb or Sheldon, determine which varieties your coin could be.
Thereafter, using the other qualifying landmarks given by either author, you can
gradually eliminate each variety until you eventually come to the one which accurately
describes your own coin. Once you master the technique, you will derive a great deal
of satisfaction in attributing your entire collection.
And the more often that you refer to your copy of PENNY WHIMSY or Newcomb,
the more fascinated you will be with the science of large cents.
* PROFILE *
Denis Loring, EAC #11, is a Junior at Harvard College, majoring in mathematics,
with side interests in physics and philosophy. After graduation he plans to continue on
in Graduate School, aiming for a Ph.D. in mathematics. He would like to teach math
at the college level and to do consultant work in mathematical models.
When net at co-llege> he Jives with his parents at Garden City, New York, where
he is the only child. His father is a lawyer, and his mother is a guidance counsellor.
Denis started collecting coins at the age of 8, when his father presented him with
an 1832 half dollar he had lying around in a drawer. He has been specializing in large
cents since 1962. He collects the 1793-1814 series by Sheldon number only, and the
Newcomb series by major variety. He has been an ardent and active supporter of
EAC and has contributed several articles to PENNY-WISE, one of which appears else-
where in this issue.
Although numismatics is his real hobby, Denis enjoys playing bridge , shooting
billiards, and going dancing. He also finds time to engage in athletics.
43
REMINISCENCES OF A LARGE CENT COLLECTOR
by Eugene Exrnan
The fascination of collecting early An erican cents is partly that of finding and
identifying unnamed varieties and purchasing coins at bargain prices. Almost anyone
who for any length of time has been seeking the old coppers has good stories he can
relate. In PENNY WHIMSY, Dr. Sheldon gives hints of the many he could tell, and a
variation of the "Old Cent Whist” might be such a game of swapping stories. Here are
a few of mine .
For several years I made biennial trips to England, and the three leading
numismatic dealers in London were all located near publishing houses where I made
business calls. Once, at Baldwin's, I was shown a high grade 1797 which I there
identified as the Doughty 105. It was reasonably priced, so I purchased it. I knew less
than I do now about grading coins and about the amazing results that sometimes follow
the gentle brushing of a coin’s surface in soap and water. On my return to New York I
showed the coin to Dr. Sheldon, an expert at both; and he soon established it as a
condition 60, one of three top coins of this variety, one of which is in ANS. He was the
real discoverer and it is appropriate that the coin now graces his collection.
In 1955 I had a spare hour in Edinburgh and, walking along High Street, noticed
that an antique dealer had a few old coins displayed in his window. I entered and in-
quired if he happened to have any early Amierican cents. The proprietor came up and
after quizzing me about my interest (apparently to satisfy himself that I was not a
dealer), he brought forth a small tray containing several of the early dates. Among
those I then purchased was an almost uncirculated Hayes 51. What circulation it
obviously had had occurred when a gentleman of the late eighteenth century decided
that an American penny would look nice dangling from a chain across his waistcoat.
To make this possible, he had driven a nail through it and the rough edges of that hole
put it in the "mutilated" classification. I told the proprietor that I thought that his
price of ten shillings was quite reasonable.
He must have thought that I was also reasonable for he proposed that if I returned
the next morning at ten o'clock he would show me some miore that he had. Another
engagement delayed me and when I arrived twenty minutes late, I was confronted by a
very indignant gentleman. He said that he never usually came in on that day, had
arranged especially for a chauffeur to drive him, and the time he had put aside for
me had expired. My abject apologies and protestations were to no avail.
Two years later I called again, only to be told that the man I had offended was
now enfeebled and came to the store only two days a week. Business commitments
would not permit me to stay over the necessary time, and a letter proposing that he
send me the coins at a well-known address and under proper auspices went unanswered
Two years later I found the store locked up and a nearby shopkeeper told me that the
proprietor had died a few weeks previously. I undertook a bit of detective work,
found out who was the administrator of the estate, and talked with him - but with no
success.
44
Relating this story later to a leading London dealer, I learned that he had known
of this man's numismatic activity, having seen his advertisements in provincial
papers. However, he had been rebuffed when he called on the irascible antiquarian,
and his letters also went unanswered.
In October, 1964, Christie's of London held an auction of coins, important enough
to lure over several American dealers and collectors. At this auction twenty-two
1794's were sold - most of them in mint condition - and I have often speculated that
these were a part of the Edinburgh hoard that I had missed by twenty minutes.
In Columbus, Ohio, I called on a dealer who had a few old coppers for sale. One
of them was a 1793 Chain cent, basal state. LIBE was fairly clear, as was enough of
the date and hair outline, to help identify the coin. The dealer and I compared it with
the plates in the back of the early cents "Bible" and decided that it might be Sheldon's
first NC, the 2-C. I said that the only way to make sure would be to compare it with
the other known coin of this variety which was a part of the ANS collection. He replied
that he was not interested in attributing the coin, only wanting to get his investment back.
When I asked him how much that was, he said "thirty-nine dollars". I decided that it
was worth the risk and handed over the money.
Checking later with the experts at ANS and with Dr. Shelton lead to a consensus
of opinion that it was almost surely a 2-C. It may be the mysterious coin of which
nothing is known since it was sold by Chapman in 1906. Dr. Sheldon remembers
Chapman's later comment of its value then: "eighty-five times its face value". What
it is really worth now is anyone's guess.
QUERY FROM A MEMBER
Charles E. Funk, Jr. , EAC #59, of P. O. Box 56, East Granby, Connecticut,
06026 asks if any member, knowledgable in Connecticut colonial cents, can help him
with the following:
He has one piece - a 1787 draped bust specimen - which is not listed by Miller. It is
almost a 33^^-gg^ , except that there is no trace of the last cinquefoil on the reverse.
General condition of the coin is VG, so there is no reason from the standpoint of wear
that it should not be present, nor are there any unusual features around the area at
which it should be found that might explain its absence.
He wants to know if this could be an unlisted variety. Can it be explained on the basis
of a filled die? If unlisted, has a similar piece been previously reported? Might it be
in the category of a unique coin ?
If anyone can help Charlie, please communicate with him directly.
45
s.o.s.
PENNY-WISE SEEKS MONETARY AID S.O.S.
In order to continue the publication of PENNY-WISE, we are asking at this time
for voluntary contributions from the membership. Any donation, no matter how
small or large, is earnestly solicited. However, any such donation shall be strictly
voluntary; and all members, whether they contribute or not, will continue to receive
PENNY-WISE so long as it is published.
The cost of publishing the first and second issues of PENNY-WISE was sub-
sidized by an anonymous member. No revenue was derived from the dealer advertise-
ments carried in the first issue, although the thought that the bulletin could be made
self-sustaining on future fees from advertising was considered as a likely possibility.
However, the members voiced strong disapproval of any advertising, and this policy
was observed for the second and third issues.
If any member can suggest less costlier ways for producing PENNY-WISE, we
will welcome your proposals. At the present time, all mimeographing is done
commercially. The only other expense is postage. No fee is paid for any material
published; and expenses for preparing, obtaining, or assembling the bulletin have
been borne by the editors .
The first issue , containing 25 miimeographed pages , cost 37 cents per copy to
produce, including postage for third class mail. The second issue, containing 37
mimeographed pages, cost 54 cents per copy, including postage for first class mail.
PENNY-WISE has many more interesting and informative articles ready for
publication, and has only begun to touch the surface of material available to it.
Whether or not the bulletin can continue to publish will depend upon the gnerosity of
its readers and the interest of the EAC members.
If you wish to see PENNY-WISE continue, won't you send us your contribution
today? Make all checks payable to Early American Coppers Club and forward to
Herbert A. Silberman, 174 Maplewood Avenue, Maplewood, New Jersey 07040.
46
SPECIAL ANNOUNCEMENT
COIN CLINIC
PENNY-WISE is happy to announce an innovation - for this month only - a Coin
Clinic - available just to EAC members - whereby you can send your coins to an
expert, and get an opinion on them as to variety, rarity, grade, estimated value, the
presence of die breaks, etc. etc.
The Editors have composed a panel of experts from amongst EAC members who
have agreed to study your coins and to venture an opinion on them. Each member will
be allowed to submit two coins to the expert assigned to him. Your only cost will be
the postage for mailing the coins to the expert and a $1. sent with the coins to defer
the cost of postage in returning them to you.
Surely you have several coins which have been troubling you. . . .maybe you are
having trouble in attributing them. . . .miaybe you'd like to know how an expert would
grade them. . . .maybe you're not sure about die breaks, mutilation marks, or dis-
colorations. Maybe you think you have a real rarity but just aren't sure. Perhaps
you'd like to know what value to place on a coin. Let the experts help you! They have
volunteered to answer whatever questions you might have regarding two large cents in
your collection.
Of course, the EAC, its officers, and the Editors of PENNY-WISE can assume
no responsibility for any of the transactions. And the answers given you will be only
the opinion of the consultant, who has no official status.
This is a GREAT OPPORTUNITY for the novice to check his ability to grade or
attribute large cents, to learn more about his coins, to benefit from the opinion of
others. And, perhaps the advanced collector has some coins on which he would like a
second and unbiased opinion. Why not join the fun ?
If you wish to participate, fill out the form below and mail it to Herbert A.
Silberman, 174 Maplewood Avenue, Maplewood, New Jersey 07040. When you receive
the name of your consultant from EAC, fill out the "Refferal Sheet for Coin Clinic"
elsewhere in this issue, and mail your two coins with $1. and the referral sheet,
to the consultant assigned to you. He will study your coins and then return them to you
with his report. Participants should anticipate about a month's delay in getting back
the coins and the report, although all consultants have agreed to act as promptly as
possible. EAC will attempt to assign you to a consultant best suited for your particular
problem.
FORM FOR ASSIGNMENT OF CONSULTANT
Dear Herb: Yes, I would like to participate in the Coin Clinic. I have two coins to
send, as follows:
Problem:
Year
Who will be my consultant ?
Problem:
Year
47
Print name clearly - give return address
CENSUS OF 1816-1857 LARGE CENTS BY GUESSTIMATE
by Warren A. Lapp, M. D.
Have you ever wondered how many large cents are still in existence ? Have you
ever contemplated what fun it might be, what consternation in nuirdsmatic circles it
might cause, if you were to corner the market on a particular year? Well, you can
forget it, because literally thousands of large cents still exist. The exact number can
only be a conjecture, of course, but a guesstimate might be worthwhile.
In PENNY WHIMSY, Dr. Sheldon analyzed one thousand 1794 cents, using a
rarity value scale; and guesstimated that between thirty and thirty-five thousand 1794
cents are still in existence. Considering that only 918,521 of these coins were minted
173 years ago, such a guess may seerr- rather high, but Sheldon's logic is indisputable.
Accordingly, it would seem logical to apply Sheldon's formula to the 1816-1857
series of large cents, using W. E. Johnson's rarity scale based on many thousands of
coins in this series and using a scale value similar to that employed by Sheldon, By
so doing, a guesstimate of the minimum to maximum number of coins in existence for
any particular mintage year could be determined. The scale value for the ratities, as
used in the determination, was as follows:
R1
3001
to
5000
R2
1001
to
3000
R3
201
to
1000
R4
76
to
200
R5
31
to
75
R6
13
to
30
R7
4
to
12
R8
1
to
3
Perhaps even more accurate is a determination based on random purchases.
W. E. Johnson was kind enough to furnish the author a breakdown of his purchases by
year of mintage for a given period. These coins were purchased from various individuals
who had submitted them without regard to mintage year or variety. Hence, these
figures should represent a fair and random sampling of those large cents still in existence.
By converting the number of those for a given year into a percentage based on 1,000
coins, the random purchase determinations were devised.
Also, in numismatic circles, 3 per cent of mintage is often considered to be the
magic number for coins of obsolete issues still in existence. For comparison, this
value is also given. But, in this writer's opinion, the determination based on the
rarity value and value scale, or on random purchase, both of which are based on actual
experience, seem more likely to be closer accurate.
The estimates for large cents still in existence are as follows:
48
Large Cents Still in Existence
Year of
Mintage
Number
Minted
If based on rarity scale
Minimum Maximum
If based on
random purchase
If based on
3% rule
1816
2,820,982
15,537
31,338
14,979
84,629
1817
3,948,400
36,965
67,905
38,579
118,452
1818
3,167,000
17,042
31,153
22,696
155,010
1819
2,671,000
27,495
51,218
19,006
80,130
1820
4,407,550
21,065
40,169
14,066
282,227
1821
389,000
8,083
16,192
21,426*
11,670
1822
2,072,339
22,815
41,541
24,511
82,170
1823
855,730
6,203
11,000
9,078
25,672
1824
1,262,000
12,050
20,111
12,255
37,860
1825
1,461,100
13,781
25,969
16,340
43,833
1826
1,517,425
11,531
23,848
22,695
45,523
1827
2,357,732
15,872
32,667
14,979
70,732
1828
2,260,624
12,742
27,318
24,418
67,819
1829
1,414,500
12,734
22,340
13,617
42,435
1830
1,711,500
14,571
27,936
10,894
51,345
1831
3,359,260
15,844
33,925
27,234
100,778
1832
2,362,000
12,314
21,281
13,153
70,860
1833
2,739,000
12,580
26,434
18,616
82,170
1834
1,855,100
13,680
25,683
16,340
55,653
1835
3,878,400
11,372
27,562
22,695
116,352
1836
2,111,000
12,295
26,276
12,710
63,300
1837
5,558,300
28,222
53,060
40,761
167,649
1838
6,370,200
18,259
40,128
32,681
191,106
1839
3,128,661
23,511
46,781
42,567
93,860
1840
2,462,700
19,950
41,356
22,695
72,801
* This figure is probably grossly inaccurate, as an inordinate number were submitted
to Mr. Johnson from one individual and these probably represented someone's hoard.
49
1841
1,597,367
6,890
13,735
14,371
47,921
1842
2,383,390
17,485
33,200
27,234
71,502
1843
2,428,320
16,084
33,228
33,138
72,850
1844
2,398,752
11,265
23,670
16,340
71,963
1845
3,894,804
16,691
40,217
29,050
117,744
1846
4,120,800
11,674
25,351
29,503
123,624
1847
6,183,689
9,426
26,981
24,511
185,510
1848
6,415,799
35,521
74,782
44,028
192,474
1849
4,178,500
24,359
51,850
19,064
125,355
1850
4,426,844
22,495
46,748
18,156
132,805
1851
9,889,707
34,845
71,115
45,846
296,691
1852
5,063,094
32,265
70,130
29,477
151,893
1853
6,641,131
35,054
79,111
45,846
199,234
1854
4,236,156
22,164
53,393
31,770
127,085
1855
1,574,829
18,046
35,115
26,300
46,245
1856
2,690,463
32,267
66,145
31,770
80,714
1857
333,456
4,347
13,362
4,539
10,004
Total
156,288,744
767,281
1,571,324
999,934
4,267,650
Lest the above guesstimates seem disheartening to the average collector,
they should not be construed as such. Many large cents have been destroyed by
corrosion and other natural causes. Many have been lost over the years through
destruction by fire. Some lie at the bottom of the ocean as a result of shipwrecks; others
were lost when riverboats and small craft sank. A few lie buried in the soil, having
fallen from their owner's pocket and never recovered. Many make up collections passed
along in families from father to son. Undoubtedly some were cached in hoards, long
since forgotten and lost. Many repose in museums where they will permanently remain.
A number of large cents found their way to foreign shores. In 1871,
MASON'S Magazine reported: "The finest set of U.S. cents in the world is in England,
where many of our coins find a ready market".
Many of the coins were melted down in the various crafts and by industry for
use as commercial copper. Copper was a scarce commodity during the years of
coinage of the large cents, much of it being imported from abroad due to the total
50
inadequacy of the local supply. It was not unusual, therefore, when copper became
too high-priced or unavailable, for craftsmen to buy kegs of large cents from the Mint
and to melt down the coins for the metal. One author stated, in 1930, that "due to the
commercial use of copper cents for metal before 1830, it is doubtful whether the bulk
of the fairly steady output of cents ever went into circulation".
Although there was no provision for governmental redemption of worn large cents
during the time of their mintage, a plan for redemption and for replacement with the
smaller, newer type coinages was attempted by the U.S. Mint from 1857 to 1864 and
from 1871 thereafter. Mint records show that, in 1861, 10,100,000 large cents were
melted down. In 1871, the Mint redeemed and destroyed 1,005,215 large cents and over
1 1/2 million in 1872.
According to the annual reports of the Director of the Mint, there are some
118,000,000 large cents still unredeemed.
Williamson, writing in THE NUMISiVIATIST in 1949, said: "You will have to
form your own opinion of the number of collector-quality copper cents in existence
today. The numiber is possibly in the tens of thousands, more probably in the
hundreds of thousands, depending upon your definition of 'acceptable condition' for
collecting. The total number surviving in all conditions is undoubtedly in the millions. "
W. E. Johnson, in commenting on his experience of buying and reselling large
cents, recently said that large cents dated after 1840 rarely are submitted in a grade
less than Fine. He also noted, that in his experience, 1841 large cents are comparatively
scarce but more common than 1857.
What, then, do these guesstimiates mean? Absolutely nothing, unless it be that
there is no great dearth of large cents still available to collectors.
What about the accuracy of the guesstimate figures ? Questionable to be sure.
W. E. Johnson, in giving the author permission to use his figures and data said: "For
what they are worth, you may use my figures but I would not give them; too much
weight." Arithmetically, every precaution was taken to insure correct values. Al-
though they are not guaranteed, the above guesstimates will have to stand until such
time when another mathematician oi’ statistician might want to challenge them.
Which estimate should one accept as probably the nearest accurate ? For this,
there’s an old proverb: "You pays your money, and you takes your chance. "
BIBLIOGRAPHY
PENNY WHIMSY byWilliamH. Sheldon 1958 Pp. 135-136
LC167A - Revision of Newcomb's Rarity Values by Variety - W. E. Johnson
W. E. Johnson - Personal Communication
MASON'S COIN & STAMP COLLECTOR'S Magazine 5: 18, Jan. 1871
FRATIONAL MONEY Neil Carothers 1930 P. 77
"Large Cents That Survived" R. H. Williamson THE NUMISMATIST July, 1949
51
PENNY SWAPS AND SALES
Robinsons. Brown, Jr., P. O. Box 1080, Louisville, Kentucky, 40201
1795 S-75 R3 G/G Trade @ $30. , sell @ $27. ; Fair - with defect on Rev. $17.50-
$15.; S-78 R1 G/Fr. with rim nicks $11. -$10. ; 1797 S-120a R4 G/Fr.
$20.-$17.; S-134 R4 G4/Fr.2 $15.-$13.; S-138 R2 VG8 Swelling on Rev.
$22. 50-$20. ; S-140 R3 G3 Advance swelling $10. -$9. ; 1798 S-169 R5 AGS
$15.-$13.; 1800 S-207 R4 Fr . /G $18. -$15. 50; S-209 R5 VG7/G5 Edge nick
$30.-$27.; 1802 S-225 R4 VG$15.-$13.; S-236 R1 G4/G5 Edge nick $6. -$5. ;
S-242 R3 Fr.-G $6.-$5.; Fr. $5.-$4.; 1803 S-254~R1 G $7.-$6.; S-255
R1 G6 Some pitting $7. -$6.; S-258 R1 G Pitted $4.-$3.; G4/G6 $7,-$6.;
S-260 R1 G4 $7.-$6.; Unattributed Fr. /G Pitted $2 . -$2 . ; 1807 3-276 R1
VG7/VG10 $12.-$11.; Fr2 Pitted $14. -$11, ; 1810/9 S-281 R1 G- VG $15.-$13.;
S-284 R3 AG $6.1$5.; 1812 S-289 R1 Fr/G$6.-$5.; F12 $20.-$18.;
1813 S-293 R2 VG/VF Minute pitting $25. -$22 . ; 1814 S-295 R1 G5 $8.-$7.
John Schreuder, 2226 Concord Blvd. , Concord, California. Will trade for type coins
in presentable condition, U.S. gold, 1794 large cents VG or better, early cents
in better grades, or will sell for cash. Not interested in late circulated or
mishandled coins.
1796 S-88 R6 VGIO Nice $125.; Low grade 2, Filler $12. ; Fr. 3 $20.;
S-115 R4 Fr. 3 Full date $9. ; 1798/7 3-151 R4 Full G $20.; 1799/8
S-188 R5 Fr. 2 - date not clear - an easy one to attribute without date - checked
by Breen $100. ; 1800 S-190 R5 Very nice F $45. ; S-192 R4 Nice G- LIBERTY
weak $10. ; Nice-weak VG - no marks $25. ; 3-196 R1 G but not so nice $5. ;
S-209 R5 VF - no blemishes $65. ; G$10.; 1801 S-213 R3 VG-F plus $25. ;
S-215 R6 Fr.3 not so hot - sold at cost $16. ; F- has few obv. acr. $30. ;
S-221 R3 VG Dk. - no marks $25.; 1802 S-231 R1 VG $15.; S-234 VG
Has dull granulated s-urface $20.; 1803 S-249 R4 Fr.3 - no marks, nice
appearing $8. ; S-259 Fr. 2 l/2 Date weak $5. ; S-261 R3 G-no marks $8. ;
S-262 R6 VG a tough one to find $30. ; S-265 R4 Nice appearing G $50. ;
1805 S-261 R1 G $8.; S-269 R1 G $10.; 1806 S-270 R2 G-VG $25.;
F $60.; 1807 S-271 R1 No Comet - scarce G $10.; S-275 R5 Nice Fr.3 $5.;
1809 S-280 R3 VG at least - no marks $80.; 1839/36 N-1 State 1 1 1 - a tough
variety - VG $125.
Denis Loring, Quincy 313 Harvard College, Cambridge, Massachusetts 02138
1802 S-235 R5 VG7 rim break $35,; 1803 S-244 R5 VF25, CC-4 $140.;
S-247 R5 VG7 $20.; 1818 N-7 1/2 and 1844 N-lc together for $125.
Dr. H. J. Stein, c/o Jennings Medical and Surgical Center, 6917 West Florissant Avenue,
St. Louis, Missouri 63136 sent a list of his duplicates, comprising 248 coins,
ranging in grade from Fair to Extra Fine. Almost every year from 1795 to 1856
is represented. Anyone wishing to buy or trade with Dr. Stein should write to
him directly.
C. F. Gordon, Jr., P. O. Box 1944, Orlando, Florida 32802
1795
1796
G-4
F-15
G-5
R-5
R-3
1797
1798
S-76A
S-76B
S-76B
S-82
S-91
S-120B
S-137 R-3
S-145 R-3
S-161
S-166
S-179
S-187
But has been rounded down on machine $15. 00
Edge chip, nice brown $65.00
dark. Plain edge $22.00
F-15 slight abrasions , nice $130.00
G-4 Badly pitted, planchet Clip
G-3 $16.00; S-128 R-3 G-6
G 4/3, heavy pitting $12.00
G 4/3 Obv. holed but not thru
VG 8 heavy pitting $12.00
G 6 $12.00
F-15 nice brown $27.00
G 6 bent $9.00
1798 unattributed, corroded, still G4 $5.00
1800/79 S-194 G-3 $9.00
$20
$25.00
6.50
S-196
G-4 edge dent $11.00
S-197
Q Variety G-3 $10.00
S-197
G-4 Q variety, cut across Obv $11.00
S-205
R-5
VG 10 dent across curls, still very nice $55.'
S-212
R-4
G 5, pitting $22.00
1801 S-223
G 5, fraction l/OOO $15.00
S-224
F 12 Blunt ones $32.00
1802 S-229
R-5
VG 8 $27.00
S-229
R 5
G 4 heavy pitting, corroded $10, 00
S-229
R 5
F 12 $45.00
S-230
R 2
G 4 dented $4 . 50
S-231
F 12 Stempless Variety $22.00
S-236
G 4, Someone scratched Liberty off, $7.50
S-239
R 3
VG 10 dark $18.00
S-239
R 3
G 4 punch marks $5.00
S-239
R 3
G4 $8.50; S-239 R 3 VG 8 $12.50
S-240
R 6
G 5/3 $25.00; S-242 R 3 G 5 $10.00
1803 S-244
R 5
G 6 $25.00
S-246
R 4
G 4, high numerator $10.00
S-246
R 4
G 6, nicer, two points better $15.00
S-251
F 12 $15.00
S-252
VF 25/15, A 25 coin but rev. rough $37.50
S-255
G 6 $7.00
S-255
F 12, nice brown $21.00
S-256
R 4
VG 10 Obv. dig at neck $15.00
S-258
F 15 Arc crack $17.50
S-258
F 12 Obv. damage $12,00
S-259
R 5
G 6 dark $20.00
S-260
F 12 $18.00
S-260
G 5 $7.50; S-260 VG 7 $12.00
1803 ?
fair $4.50
S-262
R 6
VG 8 Couple punch m.ks Obv. , otherwise nice
1805 S-268
R 5
G 4 Green corroded $10.00
S-268
G 3 $7.50
1806 S-270
F 15 dark $50.00
1807 S-271
G 2, Comet Variety $7.50
1807/6 273
G 4 $10.00
S-274
R 4
G 2 $4.50; S-275 R 5 G 3 $9.00
S-276
G 3 Inverted Reverse, upside down $5.50
REFERRAL SHEET FOR COIN CLINIC
Date
Name of Consultant
Address
Dear Fellow Member of the EAC;
You have been referred to me by the EAC as my consultant for the two coins
enclosed. I have furnished as much information about them as I can.
COIN NO. 1.
Date
When acquired
Year
I would like to know the following:
Variety
Grade
Rarity
Other comments:
Variety by S or N Grade
No. if known
Approximate cost
(Check items accordingly. )
Approximate value
Die breaks ? Where ?
Degree of corrosion
Report by Consultant:
%
* ,
K
COIN NO. 2.
Date
Variety by S or N No.
Grade
if known
When acquired
Approximate cost
Year
I would like to know the following:
(Check items accordingly. )
Variety
Approximate value
Grade
Die breaks ? Where ?
Rarity
Degree of corrosion
Other comments:
Report by Consultant:
Thank you very much for your reports. Please return my coins to me promptly
by
Regular Mail Air Mail
Registered Insured
I How much?
Very truly yours ,
Your Name ( Print for clarity)
Address
Zip Code No.
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